These Analysts Slash Their Forecasts On C3.ai Following Q1 Results

C3.ai Inc AI reported a wider-than-expected loss for the first quarter on Wednesday.

C3.ai reported first-quarter revenue of $70.26 million, missing analyst estimates of $94.58 million, according to Benzinga Pro. The company reported a first-quarter adjusted loss of 37 cents per share, missing analyst estimates for a loss of 20 cents per share.

"The good news is we have completely restructured the sales and services organization, including new and highly experienced leadership across the board to ensure a return to accelerating growth and increased customer success at C3.ai, and even better, we have appointed an exceptionally talented new CEO to take the company to the next level and realize the full potential of the business. The bad news is that financial performance in Q1 was completely unacceptable," said Thomas Siebel, chairman of C3.ai.

C3.ai shares fell 4.2% to trade at $15.98 on Thursday.

These analysts made changes to their price targets on C3.ai following earnings announcement.

Keybanc analyst Eric Heath maintained C3.ai with an Underweight rating and lowered the price target from $18 to $10.
JMP Securities analyst Patrick Walravens maintained C3.ai with a Market Outperform and lowered the price target from $30 to $24.
UBS analyst Radi Sultan maintained C3.ai with a Neutral and lowered the price target from $23 to $16.

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